Moët Hennessy Louis Vuitton LVMH has named Antoine Arnault chairman of Loro Piana, adding to his existing responsibilities as Berluti chief executive.

Sergio Loro Piana and Pier Luigi Loro Piana will be vice presidents of the company. 

Last month, LVMH was given the go-ahead from the European Commission (EC) to acquire an 80% stake in the Italian luxury brand for EUR2bn (US$2.6bn). 

"The finest materials and the rarest cashmeres, offered in the most exclusive boutiques, are the essence of Loro Piana," Arnault said. "We will work hand in hand to develop the huge potential of this maison."

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LVMH Group Acquisition of Loro Piana Gains Final Approvals

The Arnault and Loro Piana families will work closely together to ensure continuity

 

December 05, 2013 11:14 AM Eastern Standard Time

PARIS--(BUSINESS WIRE)--The Loro Piana family and the LVMH Group confirms today that the acquisition of 80% Loro Piana by the LVMH Group has received all final authorisations from the competent regulatory bodies, including the relevant competition authorities.

It is in a spirit of continuity, with absolute respect for the fundamental values of the Italian maison, and with a commitment to business development through exploring collaboration opportunities which are already proving very promising, that Loro Piana joins the LVMH Group.

The closeness of two families

Antoine Arnault will become Chairman of the Board, while Sergio Loro Piana and Pier Luigi Loro Piana will be Vice-Presidents of the company.

Sergio Loro Piana and Pier Luigi Loro Piana said:

"We are very pleased to join the LVMH group officially today. Since the announcement of the acquisition, we have been able to see how LVMH and its leaders share both in our passion for excellence and quality, as well as in our long term vision. The appointment of Antoine Arnault is a strong signal of the friendship between our two families now. LVMH’s expertise in high-end luxury, demonstrated for over a decade at Louis Vuitton and now with the development of Berluti, is indisputable."

Antoine Arnault said:

"It is an honour to take the reins of Loro Piana alongside Sergio and Pier Luigi. They have made this maison a real gem for lovers of exceptional products. The finest materials and the rarest cashmeres, offered in the most exclusive boutiques, are the essence of Loro Piana. We will work hand in hand to develop the huge potential of this maison. "

About LVMH

LVMH Moët Hennessy Louis Vuitton is represented in Wines and Spirits by a portfolio of brands that includes Moët & Chandon, Dom Pérignon, Veuve Clicquot Ponsardin, Krug, Ruinart, Mercier, Château d’Yquem, Hennessy, Glenmorangie, Ardbeg, Wen Jun, Belvedere, 10 Cane, Chandon, Cloudy Bay, Terrazas de los Andes, Cheval des Andes, Cape Mentelle, Newton et Numanthia. Its Fashion and Leather Goods division includes Louis Vuitton, Céline, Loewe, Kenzo, Givenchy, Thomas Pink, Fendi, Emilio Pucci, Donna Karan, Marc Jacobs and Berluti. LVMH is present in the Perfumes and Cosmetics sector with Parfums Christian Dior, Guerlain, Parfums Givenchy, Parfums Kenzo, Perfumes Loewe as well as other promising cosmetic companies (BeneFit Cosmetics, Make Up For Ever, Acqua di Parma and Fresh). LVMH is also active in selective retailing as well as in other activities through DFS, Sephora, Le Bon Marché, la Samaritaine and Royal Van Lent. LVMH's Watches and Jewelry division comprises Bulgari, TAG Heuer, Chaumet, Dior Watches, Zenith, Fred, Hublot and De Beers Diamond Jewellers Ltd, a joint venture created with the world’s leading diamond group.

Loro Piana:

Loro Piana operates in the luxury products sector, making items of uncompromising quality and offering full lines of clothing, accessories and gifts which are all made in Italy with the best raw materials available in the world. Loro Piana’s discerning clientele are able to access our products through a worldwide network of direct sales outlets located in the most prestigious streets, as well as its website, www.loropiana.com and carefully selected network of multi-brand retailers. Loro Piana's heritage and experience dates back to six generations in the production of high-quality textiles, a sector in which it is the market leader. Vertical integration is the best guarantee of access to market-leading research and development, encompassing the most sought after raw materials and ensuring the control of the manufacturing process. With this tireless pursuit of quality allied to traditional and Italian craftsmanship, Loro Piana is a benchmark in the world of luxury.

Original source: http://www.businesswire.com/news/home/20131205005956/en/LVMH-Group-Acquisition-Loro-Piana-Gains-Final